What does Judicial Foreclosure mean?

A type of foreclosure process in which a court oversees the sale of a property to repay the outstanding mortgage debt. This is in contrast to non-judicial foreclosure, which does not involve court oversight. In judicial foreclosure, the lender must file a lawsuit and obtain a court order before foreclosing on a property, which can take longer than non-judicial foreclosure process.

Related Terms

Judicial Foreclosure Amortization Brownstone Administrator Accelerated Depreciation Certificate of Occupancy Proration Commencement Date Right To Recission Purchase-Money Mortgage Easement Waiver of Subrogation (In a Lease) Interest Rate Caps Environmental Impact Statement Gross Lease Home Rule As-Is Open Listing